State-owned Manganese Ore (India) Ltd (MOIL) announced on Wednesday, January 8, that it has been penalised ₹16.77 crore by the Collector of Balaghat. The penalty pertains to the company exceeding its production limits at the Tirodi mine without proper environmental clearance (EC) and consent to operate (CTO) for two periods: 1993-94 to 1995-96 and 2006-07 to 2008-09.
“This is to inform you that the company has received an order dated 03.01.2025, from the Collector of Balaghat imposing a penalty of ₹16,77,08,724.88 in respect of excess production in Tirodi Mine beyond Environmental Clearance (EC)/consent to operate (CTO) during the years 1993-94 to 1995-96 and 2006-2007 to 2008-09,” MOIL stated in a regulatory filing.
The company confirmed it would appeal the order before the appellate authority and assured stakeholders that the penalty would not impact its ongoing operations or activities.
In a separate announcement, MOIL disclosed that it revised the prices of manganese ore, effective January 1, 2025. Prices for all ferro grades of manganese ore with manganese content (Mn) of 44% and above have been increased by 1% over the prevailing rates.
Meanwhile, prices of ferro grades with manganese content below Mn-44% have been hiked by 5%, along with all silico manganese grades (SMGR) with Mn-30%, Mn-25%, and Mn-20%, as well as fines and chemical grades.
The basic price of electrolytic manganese dioxide (EMD) has been retained at ₹205,000 per metric ton (PMT) for January 2025, the company noted in its filing.
On January 09, 2025, MOIL share price traded 2.25% higher at ₹345.85 at 12:09 PM (IST), while the BSE benchmark Sensex is down 446.59 points to 77,701.01. MOIL’s share price reached a 52-week high of ₹588.35 on July 08, 2024, and a 52-week low of ₹259.50 on February 29, 2024. As per BSE, the total traded volume for the stock stood at 0.74 lakh shares with a turnover of ₹2.57 crore.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jan 9, 2025, 12:19 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
